Barclays Ready to Cut Ties with Up to 7,000 Business Clients
Barclays is prepared to tell up to 7000 clients to trade more or find another bank. A new computer system called Flight Deck ranks every customer by the return they generate. Since 2014, Barclays has already cut 17,000 clients due to the tougher capital rules and the new system has now spotted 7,000 clients which have to go.
“Barclays is prepared to tell up to 7000 clients to trade more or find another bank.”
As a general rule, Barclays wants at least a 10 percent return on capital. Customers that don’t meet this rule will be given the option to do more business with the bank; if they can’t or won’t, they will have to leave in what the bank terms a managed transition. Barclays is embarking on its second round of cutting as the industry follows suit.
Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.
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